Whole Foods shareholders approve $13.7 billion acquisition by Amazon
Staff Writer | August 24, 2017
Organic grocery chain Whole Foods Market said that the shareholders had approved its $13.7 billion acquisition by e-commerce giant Amazon.Article continues below
Bruce Hoffman, the Acting Director of the Federal Trade Commission’s Bureau of Competition, issued this statement: "The FTC conducted an investigation of this proposed acquisition to determine whether it substantially lessened competition under Section 7 of the Clayton Act, or constituted an unfair method of competition under Section 5 of the FTC Act.
"Based on our investigation we have decided not to pursue this matter further. Of course, the FTC always has the ability to investigate anticompetitive conduct should such action be warranted."
Two companies expect to close the deal before the end of this year. The $13.7-billion deal marks the biggest one in retail industry this year.
Given Amazon's shareholders don't need to sign off the deal, the acquisition now is subject to regulatory approval.
Initially an online bookstore as it was launched in 1994, Amazon stands now as the most valuable retailer in the U.S. by market capitalization. ■ What to read next
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